1. Stocks of RCom, Dish TV in focus today; investors eye RBI repo rate decision

Stocks of RCom, Dish TV in focus today; investors eye RBI repo rate decision

Indian stock markets are likely to open lower as most of the Asian stocks dropped in the early morning trade today dragged by losses on Wall Street.

By: | Published: December 6, 2017 9:18 AM
The early indicator of NSE Nifty — SGX Nifty Futures — was trading changed, down 0.37% at 10,106 points on the Singapore Stock Exchange. (Image: Wikimedia Commons)

Indian stock markets are likely to open lower as most of the Asian stocks dropped in the early morning trade today dragged by losses on Wall Street. The early indicator of NSE Nifty — SGX Nifty Futures — was trading changed, down 0.37% at 10,106 points on the Singapore Stock Exchange. The resolution Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel will be made public on December 6. The central bank had reduced the benchmark lending rate by 0.25% points to 6% in August, bringing it to a 6-year low, however, kept it unchanged in October.

These stocks will be in focus today

RCom: Credit rating agency Fitch said it has withdrawn ratings of debt-ridden Reliance Communications for commercial reasons. “Fitch has chosen to withdraw the ratings on Rcom for commercial reasons. Accordingly, Fitch will no longer provide ratings or analytical coverage for RCom,” it said in a statement. Reuters on Tuesday reported quoting three unnamed people that two major Chinese lenders plan to support a move by China Development Bank to put RCom into insolvency court as they seek to recover about Rs 9,000 crore in debt.

Dish TV: Direct-to-home operator Dish TV reported a consolidated net loss of Rs 17.87 crore for the second quarter ended 30 September 2017.

Indian rupee on Tuesday

The Indian rupee closed flat on Tuesday after making a 3-month high against the US dollar in the intraday trade as investors keenly awaited the outcome Reserve Bank of India’s bi-monthly policy meeting which is due for today. The rupee gained 15 paise in the early morning trade to hit a 3-month high of 64.2250 against the US dollar at the interbank foreign exchange market on Tuesday. Later in the day, the domestic currency rupee pared gains and fell into negative territory as Reserve Bank of India is all set with its bi-monthly policy meeting outcome on Wednesday while rupee marked a low of 64.4637. The rupee lost 1 paisa to close at 64.3862 apiece US dollar on Tuesday.

Indian markets on Tuesday

Indian stock markets ended lower on Tuesday in a dull trade ahead of the outcome of RBI’s bi-monthly policy meeting which is due for later today. BSE Sensex dropped 0.20% or 67.28 points to end at 32,802.44 whereas NSE Nifty shed 9.5 points or 0.09% to finish at 10,118.25. Shares of Hero MotoCorp, Wipro, Tata Steel, NTPC, Dr Reddy’s and ONGC were the major laggards today while a support from biggies like SBI, Airtel and RIL helped to trim the losses.

US markets on Tuesday

US stocks settled lower on Tuesday as technology stocks lost steam while investors assessed how a Republican US tax overhaul would impact corporate earnings. The S&P 500 fell for a third straight session, a streak not seen since early August, trimming the index’s rally this year to 17 percent, Reuters reported. The Dow Jones Industrial Average lost 0.45 percent to end at 24,180.64 points, while the S&P 500 ended down 0.37 percent at 2,629.57. The Nasdaq Composite dropped 0.19 percent to 6,762.21.

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